List of Private Banks in India: In today’s time if you have money then you should also have a bank account. The banking system plays a major role in promoting economic growth by allocating resources efficiently. It helps in boosting the economy by converting your savings into investments. list of private sector banks in India
Banks in India are controlled by the apex Indian bank, i.e. Reserve Bank of India. It is the leading banking governing authority in India. In India, banks are classified into different groups, and they all have their own way of working, different target markets, benefits and limitations.
Some banks operate in rural areas and are specifically engaged in serving small businesses, agriculture, small cottage industries or self-help groups. Commercial banks, on the other hand, operate in both rural and urban areas. Therefore, an effective banking system is important for the good growth of the economy.
आज के समय में अगर आपके पास पैसा है तो आपके पास भी बैंक अकाउंट होना चाहिए। संसाधनों का कुशलतापूर्वक आवंटन करके आर्थिक विकास को बढ़ावा देने में बैंकिंग प्रणाली एक प्रमुख भूमिका निभाती है। यह आपकी बचत को निवेश में परिवर्तित करके अर्थव्यवस्था को बढ़ावा देने में मदद करता है।
भारत में बैंकों को शीर्ष भारतीय बैंक, यानी भारतीय रिजर्व बैंक द्वारा नियंत्रित किया जाता है। यह भारत में अग्रणी बैंकिंग शासी प्राधिकरण है। भारत में, बैंकों को अलग-अलग समूहों में वर्गीकृत किया जाता है, और उन सभी के काम करने का अपना तरीका, अलग-अलग लक्षित बाजार, लाभ और सीमाएं होती हैं।
कुछ बैंक ग्रामीण क्षेत्रों में काम करते हैं और विशेष रूप से छोटे व्यवसायों, कृषि, छोटे कुटीर उद्योगों या स्वयं सहायता समूहों की सेवा में लगे हुए हैं। दूसरी ओर, वाणिज्यिक बैंक ग्रामीण और शहरी दोनों क्षेत्रों में कार्य करते हैं। इसलिए, अर्थव्यवस्था के अच्छे विकास के लिए एक प्रभावी बैंकिंग प्रणाली महत्वपूर्ण है।
Types of Banks in India
- Commercial Bank
- Private Sector Banks
- Public Sector Banks
- Regional rural banks
- Foreign banks
- Small Finance Banks
- Payments Banks
- Co-operative Banks
What are private sector banks?
These are the banks in which the maximum stake of shares or equity is maintained and owned by private individuals. Initially, the Indian bank sector was dominated by the Public Sector banks, but after the 1990s, private sector banks came into existence and have grown immensely. The reason for their quick growth was because they used the latest technology, used new monetary tools, and provided contemporary innovations.
In India, private sector banks are classified into two divisions
- Old Private sector banks (these banks emerged before 1968)
- New Private sector banks (these banks emerged after the 1990s)
Variation between Private and Public Sector banks
Here are some features that would illuminate the difference between private and public sector banks:
- The shares of public sector banks are owned by the government, whereas private shareholders hold the majority stake in private sector banks
- As a whole, there are 27 public sector banks and 21 private banks, along with four local area banks
- The total market share of public sector banks is 72.9%, whereas the share of private sector banks is 19.7%. Therefore, public sector banks are dominating the Indian Banking system
- Public sector banks have a significantly larger customer base than the private banks
- In public sector banks, there is a lot more transparency in terms of interest rate policies as compared to the private banks
- The interest rates on the deposits done in public sector banks are higher than in private sector banks
List of Private Banks in India
- Axis Bank
- Bandhan Bank
- CSB Bank
- City Union Bank
- DCB Bank
- Dhanlaxmi Bank
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IDFC FIRST Bank
- IndusInd Bank
- J&K Bank
- Karnataka Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- Nainital Bank
- RBL Bank
- South Indian Bank
- Tamilnad Mercantile Bank
- YES Bank
Details of Top 5 Banks
It is said to be one of the largest private banks in India in terms of overall assets and market capitalisation. It is the first bank that received in-principle permission from the RBI to set up a bank in the private sector in 1994 as a division of the Indian banking industry’s liberalization of the Indian banking industry.
In fact, their tagline is “We understand your world,” and they strictly adhere to it by providing the best of services. HDFC is one of the top-performing banks and comes on the list of 100 Most Valuable Brands across the globe. They offer their customers a large variety of financial products and services including wholesale and retail banking, loans of all types, and treasury and credit cards. It also has a huge banking network; Globally, they have more than 5430 branches and 15292 ATMs.
- Revenue: Rs 105,161 crore
- NIM: 4.3%
- Gross NPA: 1.36%
- Casa: 48%
- ATM: 15292
- Branches: 5,430
- Customer base: over 49 million
- Employee: 98,061
It is the second-largest private sector bank in India as its total consolidated assets were Rs.14.76 trillion in 2020. ICICI has a large network of branches nationwide; they have 5288 branches and 15158 ATMs across the country. name list of private banks in India
ICICI bank started in 1994, and its registered office is in Vadodara, Gujarat. They render an extensive range of financial products and services, including Fixed Deposits, loans, insurance, savings & current accounts, privileged banking, and Credit Cards.
They generate employment for more than 85000 people in the country. ICICI bank offers services to the customers via several delivery channels and its group companies.
- Revenue: Rs 84,353 Cr
- NIM: 3.61%
- Gross NPA: 6.7%
- CASA: 45.2%
- ATMs: 15158
- Branches: 5288
Axis Bank Ltd
It is the third-largest private sector bank in India. The list of private banks in India 2021 would be incomplete without including the name of Axis bank. After ICICI and HDFC bank, Axis has the maximum number of ATMs across the country. They have more than 12000 ATMs, 4533 cash recyclers, and 4528 branches in the country.
They offer numerous financial services, but some of the significant ones are home loans, corporate banking, mortgage loans, retail banking, MSME, wealth management, etc. Axis bank is also said to be the first new-generation private sector bank in India.
Axis Bank was incorporated in 1994, and its headquarter is in Mumbai. This Bank has international offices in 11 countries: Singapore, Dubai, Shanghai, Hong Kong, Colombo, and Gift City-IBU. It has its representative offices in Dubai, Abu Dhabi, Sharjah, Dhaka, and an overseas subsidiary in London, UK.
The international offices usually focus more on other services that they offer in India, such as corporate lending, syndication, trade finance, investment banking, and liability businesses.
- Revenue: Rs 56,044 Cr
- Gross NPA: 5.25%
- NIM: 3.56%
- CASA: 43.2%
- ATMs: 12000
- Branches: 4,528
Kotak Mahindra Bank
It has become one of the most popular banks in India after it acquired ING Vysya Bank in 2015. It started in 1985 as Kotak Mahindra Finance Ltd, but later it changed to Bank in 2003, and since then it has gained a lot of popularity in private sector banks by offering amazing products.
They got the license from RBI and became the first non-banking finance company in India to convert into a bank. They have majorly four units: Consumer Banking, Corporate Banking, Commercial Banking, and Treasury; this serves to retail and corporate sectors in both rural and urban areas in the country.
Kotak Mahindra Bank has more than 1500 bank branches and 2352 ATMs that cover over 744 locations. They give diverse services such as personal finance, investment banking, wealth management, general insurance, life insurance, etc. Their headquarters is in Mumbai.
- Revenue: Rs 31,346 Cr
- NIM: 4.3%
- Gross NPA: 1.9%
- CASA: 52.5%
- ATMs: 2,352
- Branches: 1,500
- Customer Base: 17 million+
It is one of the best private banks in India. They named it because they were inspired by the Indus Valley Civilization, the largest ancient culture in the world. IndusInd Bank provides excellent services to its customers and ensures that all its customers are completely satisfied.
It is a new generation bank which was incorporated in 1994 and has a wide banking footprint. They provide a wide range of services which include loans, deposits, accounts, microfinance, insurance, investments etc.
It is headquartered in Pune and has a vast network of more than 5000 distribution pins and more than 2000 bank branches and 2606 ATMs. Over the years, it has grown seamlessly and dynamically as they strive hard to provide the same banking services as its customers.
IndusInd Bank also has offices in international locations, which are Dubai, Abu Dhabi and London. They have more than 8 crore customers and employ more than 25,000 people.
- Revenue: Rs 24,154 crore
- NIM: 4.05%
- Gross NPA: 2.15%
- CASA: 43.1%
- ATM: 2,605
- Branches: 2000
Which is the largest private bank in India?
Among more than 20 private banks, HDFC Bank led the sector in terms of assets and net profit. Founded in 1994 in Mumbai, Maharashtra, it is a subsidiary of Housing Development Finance Corporation Limited (HDFC)
Which private bank is safe in India?
SBI, HDFC, PNB, and ICICI banks are the safest banks in India followed by Bank of Baroda, Axis Bank, Kotak Mahindra Bank, Canara Bank, Bank of India, and Union Bank of India where you can save your money without scarring of loss as they are well established with good assets and long service history.
Which is the oldest private bank in India?
The IndusInd Bank was the first private bank in India set up in Mumbai in April 1994.
Which is the richest bank in India?
State Bank of India had the highest revenue of Indian banks in 2020 at nearly 3.7 trillion Indian rupees. Thereby, it came fourth on the list of all Indian companies by revenue. ICICI Bank and HDFC Bank followed in second and third place as leading Indian banks that year with a revenue of nearly 1.5 trillion each.
Has any bank failed in India?
IL&FS, Diwan Housing Finance Corporation (DHFL), Punjab and Maharashtra Cooperative Bank (PMC) and Yes Bank are four other banks and financial institutions that have collapsed since 2018. list of all private banks in India